The reported net sales were reported as $8.5 million in the third quarter, a 33 percent increase over last year. Alan Milinazzo, president and CEO of Orthofix, attributed the company’s success to strong revenue growth in the spinal implants and biologics divisions. The company also went through a recent reorganization, and the company was also able to improve operating leverage.
Orthofix’s orthopedic business reported $34 million in revenue for the third quarter, which was a 2 percent increase from last year. Sports medicine revenue experienced a 4 percent decrease from last year, which can be attributed to a revenue recognition change from one distributor resulting in a commission expense.
Read the Orthofix release on the 3Q FY 2010 report.
Read other coverage on Orthofix:
– Orthofix Releases Spinal Deformity Correction Product
– Orthofix to Open Location in Lewisville, Texas
– Orthofix Reports 4% Increase in Total Sales
